The number of millionaire investors in the Cardano cryptocurrency ADA has spiked by at least 13 fold in 2021 alone as the asset’s rally continues.
Data provided by crypto intelligence platform CoinMetrics indicates that between January 1 and May 17, 2021, wallets holding ADA with a value of at least $1 million have surged 1,231% from 504 to 6,710.
The millionaire investors have emerged in a period ADA continues to capture the crypto community’s attention, having attained an all-time high of $2.4 on May 16th. On a year-to-date basis, ADA’s price has soared by over 1,000%. At the same time, interest in Cardano news on Google Trends platform recently peaked globally.
Furthermore, between January 1 and April 28, 2021, the number of ADA active addresses grew 417.81%, with the transaction count surging 382.84% during the same period.
The rise of ADA comes in the aftermath of bitcoin being on the receiving end regarding its carbon footprint concerns. Bitcoin has since dropped in value after electric vehicle manufacturer Tesla (NASDAQ: TSLA) suspended the bitcoin payments for vehicle purchases.
After the suspension, Tesla CEO Elon Musk noted that the company is looking for an energy-efficient cryptocurrency, and immediately assets like ADA shot to prominence as an alternative. Musk noted that he is looking for a crypto that uses less than 1% of bitcoin’s power consumption in mining.
Notably, Cardano founder Charles Hoskinson estimated that the network uses less energy than 0.01% of bitcoin’s network. The efficient power consumption is due to Cardano’s underlying technology that relies on a proof-of-stake. It eliminates the need for power-hungry computers in mining.
Cardano network development
Furthermore, the Cardano blockchain has increasingly witnessed real-world applications. The recent deal with the Ethiopian government remains one of the key highlights. Under the deal, the Cardano network will streamline Ethiopia’s education system by helping teachers and students share resources aimed at improving student performance.
Elsewhere, Cardano recently attained 100% decentralization in block production and the milestone will make the network more appealing to investors.